Zcash jumped double digits in 24 hours to touch a fresh 10-year high near $1,400 before retracing to $1,330. Analysts point to a governance vote cutting block-target spacing as a catalyst, while a trader who shorted the rally got fully liquidated.
Zcash climbed double digits in the past 24 hours, briefly touching $1,400 before retracing to $1,330. The move marks a fresh 10-year high for the privacy coin, and it caps a run several analysts say still has room left.
The token has now posted a whopping 2,500% gain over the last year. A key catalyst behind the surge is a governance update in which holders voted to reduce block-target spacing from 75 seconds to 25 seconds. X user Crypto Patel said the change would lead to faster block confirmations that could improve the transaction experience, while halving stays part of the planned issuance model.
Several analysts argue the bulls aren't done yet. X user Altcoin Sherpa noted there was no deep pullback toward $1,000, and it looks like ZEC is building fuel for a next leg toward $1,500 to $2,000. Crypto Bitlord went further, arguing the coin has been moving like "a steam train" and expecting a massive explosion if price clears $2,000.
The rally has punished traders who bet against it. Lookonchain reported that one market participant closed a long and flipped short on 767.2 ZEC ($1 million), only to get fully liquidated shortly after.
Source: CryptoPotato
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